Dave Portnoy Stakes $700K On AMC Again After Exiting All 'Meme Stocks'

Dave Portnoy said he purchased $700,000 worth of AMC Entertainment Holdings Inc AMC shares Wednesday.

What Happened: The Barstool Sports owner told Fox Business host Stuart Varney that he bought back into the theater chain after exiting positions in the Reddit hot stocks earlier on Tuesday.

“I put in $700,000 into AMC this morning,” Portnoy told Varney, adding that he was “up” $60,000 on his investment.

See also: How to Buy AMC Stock

Portnoy also revealed that he had invested a “little bit” in shares of Nokia Oyj NOK and Naked Brand Group Ltd NAKD.

When he was asked as to when he would exit the stocks, Portnoy said, “That’s all feel… I think it could have another run.”

Portnoy said his investment was not based on “fundamentals,” but rather it was akin to “watching the ball bounce… black, red or green in a roulette wheel.”

Why It Matters: The celebrity blogger had earlier tweeted that he had sold all his meme stocks and blamed Robinhood for the loss. 

Robinhood CEO Vladimir Tenev was grilled by Tesla Inc TSLA CEO Elon Musk on Monday after the brokerage imposed restrictions on the short squeeze frenzy stocks. 

Portnoy joined Benzinga’s “Power Hour” last week and expressed his displeasure at brokers. “People need to go to jail,” said Portnoy — adding, “Robinhood needs to know this is the end of their company.”

Price Action: AMC shares closed almost 14.7% higher at $8.97 on Wednesday and fell 4.12% to $8.60 in the after-hours session.

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